Emergency can require money at any time. At such a time, it becomes necessary to make arrangements immediately. This is the time when instant emergency loans do Sanjeevani work for you. It may take several days or weeks to process normal personal loans, while emergency loans can be found in a few hours or sometimes even in minutes. Fast processing of emergency loan depends on which platform you are using.
What is an emergency loan?
‘Emergency loan’ is such an unsecured personal loan, especially designed to meet the need for money. Many instant loan apps have made the entire process ranging from application to approval and fund transfer that the applicants can get money without any delay.
Some instant loans apps with at least documentation and fast online processing, then they also claim approval in 5 minutes and fund transfer in 1 hour. This fast processing makes emergency loans ideal for those who are suddenly needed.
Through Moneycontrol, you can get such an instant loan with 100% digital process. Its process is quite easy and the processing fees are also negligible. Just fill your details, verify identification from KYC and set EMI plan. After the process, the loan amount will reach your bank account directly in minutes.
Moneycontrol has a partnership with 8 lenders. Whether you are a salary or business owner, you can take a loan of up to 50 lakh rupees from these lenders. Interest rates on these loans start at 10.5% per annum and there is no hidden charge.
How soon can Emergency Loan be found?
The speed of getting a loan depends on which lender, loan type and application process you choose.
Its entire process is something like this:
- Application submission: Most apps offering instant emergency loans in India adopt digital methods completely. It takes only a few minutes to fill the application form, which has to give basic details like name, address, income details and loan amount.
- Document verification: While a lot of documents are required in the normal loan, instant loan apps resort to digital verification. Some platforms decide your eligibility only with data like your income and credit score. The steps with document verification are usually completed in real time or a few hours.
- Approval time: Many loan apps claim ‘instant’ or ‘Near-Estant’ approval. If your application is stuck on the criterion, then you can get approval within minutes.
- fund transfer: Once the loan is approved, the money is directly transferred to your bank account. This process depends on the lender – somewhere it takes a few minutes, and some hours. Some platforms guarantee fund transfer in 24 hours, while some send funds within 1 hour.
Why does ‘speed’ matters in emergency loan?
‘Speed’ is the biggest feature of emergency loan, because it is useful in such a situation where money is needed immediately.
Instant funds can overcome your troubles like this:
- Medical Bill: This loan proves very helpful in covering the expenses of sudden surgery, other treatment or emergency room visit, especially when there is no insurance or its limit is over.
- Vehicle Repairing: If the car or bike suddenly deteriorates, the instant fund becomes necessary so that your work does not stop.
- Home repair: It can be cured immediately with pipe leakage problem or electric failure, emergency loan.
- Daily Expenditure: In the event of a job going or stopping income, this loan helps in the necessary expenses like rent, ration and electricity bills.
- Emergency Travel: Sudden expenditure can increase due to the formation of an emergency travel plan in the family. In such a situation, instant loan can become a support.
- Expenditure related to funeral: Losing loved ones is a difficult time. At such a time, the loan that gets early gives relief from the cost of funeral.
Emergency loan types
It is necessary to choose the right emergency loan according to the need and financial status. Here we are telling some options:
Personal Loan: This is the most preferred option for emergency, as their approval and disabsal process are faster. It fixes the interest rate and EMI terms are already decided, which makes it easier to plan the budget.
Credit Card: If you have a credit card, it is easy for emergency expenses. In this, you can also take ‘Cash Advanced’. But keep in mind, the interest rates of credit cards are higher than the personal loan.
How to choose the right emergency loan
When you decide to take an emergency loan, then definitely pay attention to these things:
- Eligibility: Every lender has its own criterion. Credit scores, income and job conditions are usually important factor.
- Loan approval time: Emergency costs time. Some loans become approved and disabs in a few hours. Many instant loan apps guarantee transfer to money within 5 minutes.
- Interest Rates: These rates fix the total browing cost of the loan. Personal loan usually costs less interest than ‘credit card advances’.
- Repayment Terms: Personal loans have repayment terms fix (usually 1 to 5 years). This makes EMI planning easier. Credit card has only the option of minimum payment, but interest is very high.
Summary
Need money in emergency? Know how funds can be taken in a few minutes through emergency loan.
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Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.